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~institution:"ESRC Centre for Economic Learning and Social Evolution (ELSE), Department of Economics"
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Spence proposed a dynamic model of a market in which a buyer revises prices in light of experience and in which sellers
1
choose utility-maximizing signals given these prices. We follows Spence's suggestion of introducing perturbations into the resulting dynamic process. In a broad class of markets
1
our model selects a separating equilibrium outcome if and only if the equilibrium outcome satisfies a version of the undefeated equilibrium concept
1
ract: In his work on signaling
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whereas a pooling equilibrium outcome is selected if and only if the equilibrium outcome is both undefeated and satisfies D1
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Nöldeke, Gerorg
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Samuelson, Larry
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ESRC Centre for Economic Learning and Social Evolution (ELSE), Department of Economics
Stationery Office <Großbritannien>
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Hochschul-Informations-System GmbH
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Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
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Department of Economics, University of Utah
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IGI Global
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Institut für Gesundheits-System-Forschung <Kiel>
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Lithuanian University of Agriculture
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Russia Company
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Stationery Office <London>
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Weltgesundheitsorganisation
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A Dynamic Model of Equilibrium Selection In Signaling Markets
Nöldeke, Gerorg
;
Samuelson, Larry
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ESRC Centre for Economic Learning and Social Evolution …
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